GUWAHATI, Sept 8: Axis Bank has partnered with PayNearby to offer the seamless opening of savings and current bank accounts for both last-mile retailers and customers. Enabled by Aadhaar-led authentication (e-KYC), the opening of these bank accounts at a nearby local store will ensure easy access, greater convenience, and a hassle-free process for customers. This partnership will empower Axis Bank and PayNearby to reach out to potential customers in remote regions of the country. It will further enable Axis Bank to leverage PayNearby’s tech-backed Distribution-as-a-Service (DaaS) network of over 50 lakh micro-entrepreneurs across over 20,000 PIN codes.
Speaking on the development, Munish Sharda, group executive, and head – Bharat Banking, Axis Bank, said, ‘’We have been continuously working on innovation-led partnership models to offer our customers a value proposition specifically designed to cater to their requirements. Our partnership with PayNearby will enable us to extend our banking services to a huge customer base in semi-rural and rural regions and offer them an array of facilities along with the opening of a bank account. Meaningful growth in India will be driven through financial inclusion and this partnership is yet another step towards strengthening our mission towards Bharat Banking.’’
Speaking on the collaboration, Anand Kumar Bajaj, founder, MD & CEO, PayNearby, added, “For India to become financially and digitally empowered at the last mile, the local retailers must be given the necessary tools for their growth. PayNearby, as an entity, is keen on improving and enriching the professional and personal lives of its retail partners. With this simplified current account option with India’s leading bank, Axis Bank, we are giving our partners better control over their money. We thank Axis Bank for making this process so easy and hassle-free, and for introducing biometric-based e-KYC-enabled account opening, in our network. This will go a long way in allowing our retailers to maintain healthy financial practices and thrive.”